“PACCAR (Nasdaq:PCAR) reported higher revenues and net income for the first quarter of 2014,” said Ron Armstrong, chief executive officer. “PACCAR’s truck segment results improved compared to last year reflecting the benefits of stronger industry truck sales in North America. PACCAR also generated good aftermarket sales and financial services results. I am very proud of our 21,700 employees who have delivered industry leading products and services to our customers worldwide.”
New Kenworth T880 and Peterbilt Model 567 (Photo: Business Wire)
PACCAR earned $273.9 million ($.77 per diluted share) for the first quarter of 2014 compared to $236.1 million ($.67 per diluted share) in the first quarter last year. First quarter 2014 net sales and financial services revenues were $4.38 billion compared to $3.92 billion reported for the first quarter of 2013.
“PACCAR’s strong balance sheet and positive cash flow have enabled the company to invest over $2.2 billion in new products and services in the last three years. PACCAR began production of its new vocational Kenworth T880 and Peterbilt Model 567 trucks in late 2013. These new vehicles expand PACCAR’s offering in the construction, utility and refuse markets and complement the Kenworth T680 and Peterbilt Model 579 on-highway trucks. PACCAR’s range of fuel-efficient engines has also expanded with the launch of the PACCAR MX-11 engine in Europe. These new products will contribute to the company’s long-term growth,” added Armstrong.
Highlights – First Quarter 2014
Highlights of PACCAR’s financial results during the first quarter of 2014 include:
Global Truck Markets
- Consolidated net sales and revenues of $4.38 billion.
- Net income of $273.9 million.
- Cash generated from operations of $285.7 million.
- Financial Services pretax income of $85.5 million.
- Research and development expenses of $52.7 million.
- Capital investments of $54.6 million.
- Manufacturing cash and marketable securities of $2.46 billion.
- Record shareholders’ equity of $6.86 billion.
DAF is a leader in the European tractor market and is also the overall market share leader in the United Kingdom, the Netherlands, Poland, the Czech Republic and Hungary. “Our customers recognize DAF’s excellent product quality, low operating costs and strong resale value,” said Harrie Schippers, DAF president. “The launch of the new DAF XF, CF and LF Euro 6 vehicles strengthens DAF’s position as the leading provider of integrated transport solutions. Industry truck sales above 16-tonnes in Europe were 241,000 units in 2013. It is estimated that industry sales in the above 16-tonne truck market in Europe this year will be in the range of 200,000-230,000 units.”